UAE, 'Israel' ratify comprehensive economic partnership agreement
The UAE and the Israeli occupation ratify a deal that will remove or reduce tariffs on 96% of goods traded between the two sides.
UAE Minister of State for Foreign Trade, Thani Al Zeyoudi, announced on Sunday that the Emirati and the Israeli occupation governments ratified their comprehensive economic partnership agreement.
On Twitter, Al Zeyoudi said the so-called free trade agreement, which was first signed in May, will remove or reduce tariffs on 96% of goods traded between the two sides.
"Non-oil trade between UAE and Israel hit $2 billion in the first nine months of 2022, up 114% from the same period in 2021," the Emirati Minister highlighted, adding that "[The agreement] will accelerate this progress as we create opportunities in key sectors such as advanced technology, renewable energy and food security."
محطة مهمة جديدة في خطط توسيع شبكة الشركاء التجاريين العالميين للدولة، فقد تم المصادقة على اتفاقية الشراكة الاقتصادية الشاملة بين الإمارات وإسرائيل من حكومتي الدولتين، الاتفاقية ستُلغى أو تٌخفض الرسوم على 96% من المنتجات ما يوفر دفعة قوية لقطاعاتنا الصناعية والخدمية. 🇮🇱🇦🇪 pic.twitter.com/vVDA9tfNKj— د. ثاني الزيودي (@ThaniAlZeyoudi) December 11, 2022
It is noteworthy that last May, the Israeli occupation Ambassador to the UAE, Amir Hayek, announced that the two sides had signed a free trade agreement, in a move aimed at boosting trade.
Israeli media pointed to an agreement to establish a free trade zone between the Israeli occupation and the UAE. The media said the free trade agreement between "Israel" and the UAE will increase Israeli exports to the UAE and will grant immediate or gradual tax exemption on 96% of trade between the two sides.
It is noteworthy that the UAE was the first Gulf country and the third Arab country to sign an agreement to normalize relations with the Israeli occupation, followed by Bahrain, Sudan, and Morocco.
Since signing the agreement, the UAE and the Israeli occupation have long been exchanging visits and concluding a number of trade and security agreements.
In late October, Israeli media reported that the UAE has deployed the Israeli-made Barak anti-air system against Iranian ballistic missiles, cruise missiles, and drones.
The missile battery is reportedly stationed south of Abu-Dhabi, close to the Al-Dhafra airbase, as per satellite images.